TLDR; NFTs have their own wallets. Try it here http://tokenbound.org
Today the team at Future Primitive is launching token bound accounts (ERC 6551), a new primitive that will give every NFT its own account/wallet address. Future Primitive is a Web3 development studio composed of people who’ve worked on several successful web3 companies and led by one of the founding team members of CryptoKitties/Dapper Labs and a co-founder of Bitski. We believe token bound will be a significant technological leap for the NFT ecosystem especially for project creators, collectors, and builders. Token bound accounts are the direct inverse of soulbound tokens (SBTs). Every NFT will be permanently tied to an account/wallet instead of the other way around. This simple idea has the potential to power new use cases such as NFT member engagement/loyalty programs, PFPs as true on-chain identities, and of course new game mechanics involving digital outfits and items.Token bound is a open protocol that binds every NFT with a smart contract wallet
- This protocol requires NO changes to the original ERC721 contract or any tx from the owners
- Every NFT will be able to own ETH and other ERC 20, 721, 1155 tokens.
The main problem with NFTs to date is that most of their value is derived from speculation and external off-chain activities. The NFT as a standard largely remained the same since it was introduced in 2017 with projects like CryptoKitties being the de facto example of on-chain interactivity instead of just scarcity alone. Over the last few years the biggest developments within this ecosystem has been from social community building and graphic composability. While the ERC721 smart contract remained the same and as the base template for almost all NFTs. With ERC 6551 or token bound accounts we are seamlessly able to add a new ownership layer on top of all existing and new NFTs, opening up new use cases that most project creators have been wanting to add but haven’t found an easy way to do it on-chain.
- Equipping digital outfits and items (RTFKT — CloneX, Doodles)
- ERC 20 token earning/airdrop models (BAYC, Cool Cats, SupDucks)
- POAPS or badges earned by participation (Azuki, FWB, Moonbirds)
- Trading entire collections as a single unit (OpenSea bulk transfers)
- NFTs as on chain identities with the ability to layer on social network models (CryptoPunks, Nouns)
Along with these use cases one of the major benefits of token bound accounts is the NFTs ability to record its own on-chain history (aka provenance) where the value is accrued within the token instead of a wallet like MetaMask/Rainbow/etc.
Scenario A — WITHOUT token bound accounts
“Bob mints an Apple NFT from a project called Fruits. A few months later the project decides to airdrop $FRUIT tokens which are automatically deposited in the same wallet. At an IRL event they issue out a bunch of POAPs for collectors to claim. When Bob decides to sell his Apple NFT none of the tokens, POAPs, or transactions relating to the Apple NFT are transferred.”
Scenario B — WITH token bound accounts
“Bob mints an Apple NFT and later receives $FRUIT tokens as an airdrop. POAPS received through IRL events are transferred to the Apple NFT’s account/wallet. When Bob sells his NFT everything will come with it. All of the transaction history/provenance is also recorded within the Apple NFT and is something that will be later reviewed by a serious potential buyer”
Today we are excited to launch ERC 6551 aka token bound accounts to the world. It was designed from the ground up to be an open standard for any projects to adopt. Focusing on some basic principles such as: ease of deployment, instant value add, and app store like composability. We hope that we can rally together as the NFT community to build a better and brighter future together.
To try out token bound, visit our demo here (testnet) http://tokenbound.org/
Read a more technical breakdown of token bound accounts (ERC 6551) https://eips.ethereum.org/EIPS/eip-6551
If you find this new standard useful we’d love to invite you to comment on the ERC directly here
https://ethereum-magicians.org/t/non-fungible-token-bound-accounts/13030
We want to extend a special thanks to those who helped us along the way
steve jang, Kanyi Maqubela, Holyn + Evan (Kindred Ventures), @ccamrobertson (ARX.org), Peter ‘pet3rpan’ (1kx), Jordan LG (Aglae Ventures), Nick Johnson + makoto_inoue (ENS), Dan Finlay (Metamask), Liam Horne (Optimism), @itamarl (Argent), David Sun (POB Studio), David (0xmacro), Jazz + Nicholas Molnar (XMTP), Dan Viau (OpenSea), @adrianpang (Moonpay), Greg Locsin (BB3), Justin Waldron (Zynga/PlayCo), Yancey Strickler (Metalabel), Christopher Lee + Ryan Ouyang (IYK), Kaito Cunningham (Utopia Labs), @Flockonus + Andrew (KLKTN), Zedd (Magic Eden), Kerry Murphy + Marco Marchesi (The Fabricant), Christopher (Earth.net), Raihan (FWB), Seyi Taylor (Shopthru), RicMoo, Mac Boucher, j1mmyeth, GMoney, foobar, _SamWilsn_
